Brazil’s antitrust authority Cade announced that it approved Itaú Unibanco’s acquisition of Citigroup’s retail banking and insurance assets in the country.
The deal was cleared on the condition that Cade and Itaú Unibanco would sign an agreement limiting mergers.
The accord would forbid Itaú from acquiring other financial institutions for 30 months after its signing, the board of Cade said in a public session.
In a statement, Cade said that the 30-month ban does not apply to Itau’s planned purchase of a stake in brokerage XP Investimentos SA, which is already under analysis by the antitrust watchdog.
Full Content: Globo
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